5 Things to Remember in a “For Sale By Owner”
In the Zillow Blog article "Buying Agent = 4%" Diane Tuman wrote about a motivated seller offering 4% commission to a buying agent. In a normal scenario where the commission ranges from 5% to 7% the buying agent/broker and the selling agent/broker equally divides the commission. Thus, the buying agent/broker at a 5% commission would only get 2.5%.
However, two weeks from the time the seller posted the signs on electric posts, he did not receive any inquiries. Diane Tuman approached an agent regarding the house. She was advised that agents are not really interested in this kind of promo. To add, in the current real estate climate they have so much inventory to deal with anyway.
In the end, the owners have started to interview selling agents to properly market their property.
There is nothing wrong in selling your property yourself. But if you have to do it, make sure you do it right in the first place. Don’t wait till your property becomes stale in the market before you actively market it.
Here are the 5 Things to Remember when you want to organize a "For Sale By Owner":
1) Don’t skimp on advertising material. Posting "For Sale By Owner" signs on electric posts doesn’t look professional nor credible. Remember you are selling your property which costs several thousand dollars… you’re not having a garage sale!
2) Have a plan. Think and take action like the real estate agents do. Before you put up your first "For Sale by Owner" sign or ad, make sure that everything had been organized already. Do you have the correct selling price? Did you stage your home to sell?
3) Utilize all the available marketing channels; print ads, flyers, online ads and a proper for sale sign with info regarding your property. You can also contact a "for sale by owner" service in your area, who can help you organize the marketing aspect of your property for a fixed price.
4) Organize open houses. Not everyone is comfortable to contact an owner to see a house not unless they are really interested with your property. Getting the buyers in your house is the first step in successfully marketing it, making them comfortable once inside the house is the next. They should have the freedom and comfort to visualize themselves living in your house. They should not feel as an intruder invading your privacy. Why do you think most owners are not at home during open houses and inspections?
5) Have a contingency plan. If all your effort remains futile, then it is time to re-assess your marketing plan. Even agents have contingency plans. You can also evaluate if you can really properly sell your home or you need to hire an agent to properly market it.
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POSTED IN: Selling a Property, Top Ten Lists
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